As the most mainstream app related to bitcoin, Coinbase has confirmed how popular cryptocurrencies and bitcoin itself has become in the mainstream world that its app has now reached the number one trending position on the entire App Store.
For many years, bitcoin has been something that was really only talked about in specific online spaces, and there was rarely any word about it in mainstream media. Nowadays, you will be hard pressed to go to a news site and not see some articles that are related to bitcoin or other cryptocurrencies.
Everywhere you go, people are talking about bitcoin. A lot of the general public who do not have much of a technology or investment background are educating themselves about the ins and outs of blockchain technology and how they can invest in the likes of bitcoin.
Of course, the driving factor for this public interest is down to the meteoric rise of the price of bitcoin over the past twelve months or so. It has smashed through the $10,000 milestone, having started the year at less than $1,000. Since Thanksgiving, the price of bitcoin has risen by over $2,000.
Coinbase has itself risen to prominence after riding the crest of the bitcoin wave throughout this year. They now seem to be the easiest way in which you average person can get involved in the cryptocurrency world. They have seen massive rises in their customer base, on average acquiring over one million new users each month over the past few months.
There was probably a lot of talk around the dinner tables during Thanksgiving about bitcoin and investor sentiment is clearly high. Despite this, it hasn’t been all sunshine and rainbows for Coinbase.
There has been a sharp rise in the number of customer complaints, and the website exchange has been driven offline a number of times as of late when there have been high levels of volatility.
Coinbase is trying to ensure that their infrastructure can properly cater for all of these new customers, but such is the demand for their services that this is an everlasting battle for them.
They have taken positive steps, such as adding phone support and the ability to purchase cryptocurrencies instantly. This is why they are themselves drowning out their competition and are trending on the App Store.
No doubt there are many parties who are trying to break the dominance of Coinbase, but it is a hard task in front of them. It is reported that the mobile payments giant Square currently have their own bitcoin pilot program in beta, most likely to be launched at some stage in 2018.
It is undoubtedly an exciting time for the team at Coinbase, as they are continually adding new staff members to keep up with the demand for their services and the development of new features. They have benefited handsomely from their position in the market, and they will look to cement their place at the top well into the future.